Economic models of democratic decision-making tend to assume that voters have preferences and politicians adjust their platforms to conform to voter preferences. However, the direction of causation (mostly) goes the other way. Political elites offer policy platforms and voters adopt the policy...

"Presenting a concise overview of the post-war decline in popularity of the Austrian school of economics and its subsequent revival in the late twentieth century, this updated second edition offers a theoretical and historical introduction to the ideas of the Austrian school and its...